Activity Report 2020
Due to the extraordinary nature of 2020 in terms of the COVID-19 pandemic and its subsequent restrictions, like all other theatrical venues we were forced to close for most of the year. Where we were able to run events we absolutely did however, either moving online, or, during the brief period where events were permitted, outside in our grounds. Below is an overview of what took place:
Westacre Winternet
During Christmas 2020 we contacted our in-house production company and the alumni of our Bursary Scheme, ( the scheme which pays for young people to join us over the summer on subsidised placements), and asked if they would contribute to our ‘Westacre Winternet’ celebration. Many many of them did and we counted down from the 1[st] to the 25[th ] of December with a piece every day and a collaborative poem for Christmas Day!
Summer By the Lake & Jazz Picnic
During the brief period of respite from restrictions during the summer of 2020, we were able to invite our audience over to our production ‘Summertime by the Lake’ and our longstanding Jazz Picnic event. These events were well attended, with members of our particular demographic being comfortable to attend events which were held outside with socal distancing in place. We are fortunate to be situated in such a rural area with extensive grounds to spread out on and beautiful lakeside views.
An Online Valentine
To celebrate Valentines Day 2021, we worked on a similar project making 5 short films, a mixture of music and poetry, again with material provided by Westacre Theatre Company and our Bursary Scheme Alumni. We were and are still are hugely grateful for their support during these unprecedented times.
As you can imagine we would have loved to have been able to do more, however we now look to brighter times, with audiences booking for our busy year of indoor and outdoor performances, art classes, young people’s drama, film screenings, National Theatre Live, the NT Connections project and much more. We are grateful also for the help we have received from the Art Council’s and the Emergency Recovery Fund, without which we would have be unable to continue here at Westacre Theatre.
REGISTERED IN ENGLAND COMPANY NO 3I4I293 WEST ACRE ARTS FOUNDATION LIMITED (LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 REGISTERED CHARITY NO 1057258
WEST ACRE ARTS FOUNDATION LTD (LtMrrED BY GUARANTEE) INFORMATtON Ttee4 D A Connor M G Hickey A Birkbeck H C Birkbeck WGSSmith IAFDUlll E C Forbes M E Folks L Morfaas R W Perington S F H Ritnmer C A Romney APSmith Chair Resigned 4 January 2021 Resigned 4 January 202[ Cbarlty number 1057258 Company number 03141293 Prlnclpa] address River Studios River Road West PE32 IUA Regts¢ered oftlee 24 Market Place SwAftTham PE37 7QH Accountants aenshaw Minns Chartered Accountants 24 Market Place Swaffham PE37 7QH Bankers Barclays Bank plc East Dereham Business Centre 34 Market Place East Dereham NR19 2AS LeEal Advi8or5 Ward Gethin Archer I l London Street PE37 7BW
WEST ACRE ARTS FOUNDATION LTD (LIMrrED BY GUARANfEE) CONfETrrrs TSlee$, reiNxt Statement of Trustees. r¢sp)nsibiiities Indepetthnt Examinerfs reiN)rt Statement of fu]aDcial activities Balance sheet No1¢5 to the financial statements 8-13
WEST ACRE ARTS FOUNDATION LTD (LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021 The tNsiees, who are also dire¢tors of the charity for the pU0seS of the Companias Act 2(I)6, present their annual reEK)rt and accounis for the Ye a)d¢d 5 April 2(Y21. The financial statements compty with the Charities Aa 2011. the Companies Act 2006. the Memorandwn & Articles of Association. and the Snent of R¢¢ommended Practice- Accountitig and Rewrting by Charities (SORP FRsiin). Registered Company number 03141293 (EnEland and Wale5) Registered Charity number 1057258 Prlndpal place of bushwss River Studios River Road Wesi Acre PE32 IUD Registered office 24 Market Place Swaffham PE37 7QH Trustees The directors of the charitable company (the clwity) ar¢ its trustees for the purpose of clwiry law and throughout the reikn are collectively referred io as tbe tru5tee5. The trustees who seryed during the year axe as follows: D A Connor A Birkb¢ck H C Birkbeck WGSSmith J A F Dupont E C Forbes M E Fortts M G Hickey L Morlaas R W Pennington S F H Rimmer C A RomThey A P Smith Resigned 4 January 2021 Resigned 4 January 2021 None of the trustres any beneficial interest in the company. All of the trustees are rnembers of the con)pany and guarantee to conttibule £1 in the event of a Trinding up. Independent Examiner Gavin Minns
WEST ACRE ARTS FOUNDATION LTD (LDArrED B Y GUARANfEE) REPORT OF THE TRUSIEES FOR THE YEAR ENDED 5 APRIL 2020 Governing doeunt The thlty is Controlled by its govemÉng docUnt. a deed of trust and constitutes a limited cornpany, limited by guarantee. a5 defined by the Companies Act 2(M)6. Organisational structure West Acre Arts Foundation Limited is a company limit¢d by guarantre governed by its Article5 of Association. It is regtsthd with the Chlty Commissioners (no. 03141293). The trustees have a duty to identify a1 review the ii5k5 10 whi¢h the charity is exposed and io ensure appropriate Controls An place to provide reasonable assurance against fraud and error. Objects of the clwity The company is a registered charity and its objects are to hold the lease on the12nd and property known as We5taere River Studios and Westhcre Sunlmer Theatre. and to supervi8e and control the operation of the studio and summer theatre in furtherance of objects set out in the founding deed. for the education of the public in perforn]ing arts. Revlew of gctivities The company's prin¢ipal activity Is to mainiain the property known as Westacre River Studios and Westacre Summer Theatre and granirighis to carry oui creative alld dromalic aciivities on a self-funding basis at these IationS. Publlc Benefit Statemenl In planning our activities for tbe year we kept in mind the Charity Conmnission's guidance on public bellefit our trwtee meetings. ACHIEVEMELYT AND PERFORMANCE The Tnjstees re1 detsiling the work done in the pa3t year is produced in the apndix. FINANCIAL IIEVIEW Taxatlon staths The comparty is a charity and qualified for relief from cottK)ration under Te5 Act 1988. section 505. Consequently, no tax liability •ises. Revlew of Ilnanclal position The company's fmancial a]vitieS 8Ie set out on pa 4 to 13. The directors hav¢ decided that the expenditure on conversion and extension of the Wesia¢re River Siudios should be treatrd as Leasehold Building exFnditure and amortised over the life of its lease (50 yes) and ihai of the Westacre Summer Theatre be capitalised and amortised over the life of its lease (15 years).
WEST ACRE ARTS FOUNDATION LTD (LICTED B Y GuARAlTEE) REPORT OF TIIE TRUSTEFS FOR THE YEAR ENDED 5 APRIL 2020 Reserve Fwid Strategy The Trjstw have teviewed the KseNes of the Clty. Thi5 review ellrompassed the of tbe illcom¢ and expenditsjre stretms, the need to match variable income with fixed cou]mitrAents 8md the nature of the erY¢s. The TTVste concluded that the clwity has sufficient resources d future iacome sitrams to coverits Ongoing comtTritsnentfor the fores¢eable fvbjre. The Trustees have also reewed the reserves in line WAth the Company's cotDJrritments in tb¢ event of the Company having to cea%e trading and aim to tiiaintsill InImuM ¢ash reserves of £5,000. The cbatity has UllT¢5tticted foods of £49.757 to carry fomrd for gener81 us¢ at the year end. Oll be]w]f of the Board M G Hickey. Company Secretary Date
WEST ACRE ARTS FOUNDATION LTD ILIMTIED BY GUARANfEE) TRUSTEES. RESPONSIBILtTIFS FOR THE YEAR ENDED 5 APRIL 2021 Law applicable to charitable compani¢s requi5 the tsustees to prepare finan¢iai stat¢m¢nls for each financial year which give a trne and fair vtew of the chariiy's financial activities during the year and of its fuLancial position at th¢ eod of the year. In prepaTing fin4n¢ial statements giving a true and fair view. the trustees strLould follow besi prnctice 8nd.. select guit&ble accounting policies and then apply them $1$1t[y. make judgments and estimates IF are reasonable and prndent. prepare the financial statements on th¢ going concern basis unless it is inappropriaie to presume that the chatity will continue in operation. The trustees are resEKTrnsible for keeping accouniing records wbich disclose WAth reasonable accuracy the financial position of the charity and whi¢h enable them to &scetsin th¢ financial position of the charity and which enable them to ensure that the finan¢iaJ srarements comply with Companies Act 2006. They are also reswnsible for safeguarding the assets of the charity and hell¢e for tsking reasonable steps for the prevention and detectioll of fraud and other Irregulariti.
WEST ACRE ARTS FOUhDATION LTD (LIMrrED BY GUARANTEE) INDEPENDENT EXAMINERS REPORT FOR THE YEAR ENDED 5 APRIL 2021 I report on the accounts of the ¢h*iiable wmpany for the yearended 5 April 2021. which are set out on pages 6 to 13. RespeciEVt responsibilities of trustees 4Tndexaminer The chariiy's ttustees aft responsible for the preparation of the accounts. The (h1¢y,$ ttustees consider that an audit is oot required for thi5 year under section 144(2) of the Chariti¢S Act 2011 (the 2011 Act) and that an indcpendent examination is needed. Having sallsfi¢d myself thai the ehariry is llot subject to audit wthr cojnpany law and is eligible for independent examination, it is my r¢sponsibi]iiy to: exarDine the accounts under section 145 of the 2011 Aci" to follow the procedures laid down in the General Directions given by the Charity Conuni5sion under section l45(5)(b) of the 2011 Acl; to state whettser particular mattets have come to my attention. Basis of independent examthers, report My examination w&s c8sried out in accorda1 with the Genernl Directions given by the chilY Commissioners. An examination Ancllldes a review of the a¢¢ounting records kept by the charity and a comparison of the accounts presented with those recoAls. It also includes consideration of any unusual Iren or disclosures in the acwunts, and the seeking of explanations from you as ustees concerning ally sh matters. The pr(eduleS undertaken do not provide all tlLe evidence that would be required in an audit and consequendy Jw opinion is given as to the accounts present a 'trne and f8ir Yiew, and the repxt is limited to those matteTS sel out in the nexi siuement. Independenl examiner, stdttmenl In connection with my examinatio no matter has con ¢0 my aitentioll: (l) which giv&s me rea50nable ¢aux to believe tha( ill any material respect, the requireujents: lo keep accountin8 records in accordance with s386 of the Companies Act 2006. ¥Ad to prepore counts which accord with the accounling re¢ords and to comply with the accoununs requirements of Section 396 of the Companies Act 26 8Jid with the methods and prin¢ipl¢s of the slatement of Recon]mended Pta¢ii¢e: A¢¢ounting and ReEIng by Ch&riii¢s have not been md. or (2) to which. in my Opinio attention should te drawn in order io enable a proper undersianding of the accounts to be reached. Clen5haw Minn8 Chartered Accountants 24 Market Place Swaf(iwn Norfo]k PE37 7QH Gavin Minns FCA
WEST ACRE ARTS FOUNDATION LTD (LIMrrEDBY GUARANTEE) STATEMENT OF FINANCIAL ACTIvIEs FOR THE YEAR ENDED 5 APRIL 2021 Total Unr&strided Restrlrted fund runds 2021 Totsl lunds 2020 Not tnconth)g resource8 BurSleS Donatxons and gifts Cadbury donation Riversiders Gifi aid tsx Telief Grants receivable Investment income Arts Council Norfolk Community Fund G¢¢)ffrey Watling Fund Fundraising received 870 870 4.223 20,orx) 2.566 2.260 15.(XJ) 5.750 178.962 iO,¢)(K) 1.0 5.888 5.9(X) 15.843 15.843 1.740 1.740 6,542 5.750 4.223 20.(KK) 2566 12(A) Is.) 5,750 178,962 10.000 5.888 Total incoming resourees 55.687 Ig).832 24fi519 35,775 Charitable expenditure Management admiIllstration Donations 13.978 29,385 33.508 43.363 33,508 34.912 40.247 Total resources used 13,978 62,893 76,871 75,159 Nel incomlng (outgolng) resour 41,709 IYF,939 169,648 (39.384) Net movement in funds 41,709 127.939 169.648 (39.384) Fund balallces ai 6 April 2020 558.906 566.954 606.338 Fund baiallces at 5 A11 2(r21 49.757 686,845 736.602 566,954
IE'S'I. A,L'KL ylk'l's FULINLJ..I'I'IUN L'IV (Llh.Il'lTrJ) Bl. i]UAIiAN"I'LL BALANLL SEI1-ll. A% A'I. 5 AgSRIL 2U21 2(b21 211211 .-$jI) L,rtri,l DrbiiTrrffi Iii hjjkk ift h.ijxl l Jj.Ii.fi¥ ').5S4 2.971 rt ciirroJyl.aSsel1JOI1N(l0$b 123.474 Tul&il dts5els It irrellI Ivdlx'lilies Sli(i.y.LL It¢blii£1¢45 UTrr$l17(11I iiiTJd4-. k&J' LIL11dlL. IiiJbJ> 4Y.7.47 $58.IXXt Ib¥fj.Pai ¥.4Ji¥ 5116 1)_Tr4 Tliia Ihg >ILr %t+llLII alm11 ÉixiipJii)" coiiiikd til tht LIMIlI11111n L75111"i'.ILiJ liy socii(sn 47103 I Aci ZIMXJ, DI
WEST ACRE ARTS FOUNDATION LTD (LIMrrED BY GUARANTEE) NOTES TO THE FINANCIAL sTATEME[s Accountlng tK•licles The SignifinI ac¢ouniing poli¢ies used in the prep¥r8tion of these financial statements 1.1 Basi8 of preparation The financial st*ements have been prepared utmler the historic c05t convention, a8 modified by the revaluation of investments at mrtei value. The financial statements have ken prepared in a¢cordan¢e wrtb th¢ Siat¢m¢nt of Recornmended Ptactiee- Accounting and Rep)rting by CharAties- Swemeni of Recommended Practice (FRS 102) applicable UK Accounting standds and the Companies Act 21X)6. The principgj accouniing policies adopted in the preParlon of the financial statements are Set out below. 1.2 Grants Grants and any asswiated repaeThts of income are nonnally only accounkd for when received, no account being iaken of promised or covellanted donations not yet received. IJ Incomlng resourees Donations, lega¢i¢$ gnd other fornis of volunt8ry income are re£ognised as incoming resources when receivable. except insofar as they are incapable of finan¢ial mea5ur¢m¢nl. 1.4 Resources expended Management and administration eKpen5e5 refleci central establishment costs and do Thot include the ¢osts of managing charitable projects. 1.5 Tanglble Ilxed assets and depreciation Tangible fixed I5ts other than freehold lattd are sthtrd at o)si less depreciation. Deplation is provided at rates calculated to write off the cosi or valuation less estImad rcsidu81 value of each &8S¢t over its expected use1 lrfe, with the exception of improvements to leasehold properties which are being Ivritten off over a period equal to the remaiDiDg lern] of the lease. The prin¢ipai annugl rates llsed are: Short leasehold buildings Office equipment Fixtures, fiuings & ¢quipment Summer theatre equipment New development 2% straighi line (50 year lease from 21)00) 25% slraighi line 10% 5tr&ight line 10% straigbt line Styaigm line for period of lease
WEST ACRE ARTS FOUNDATION LTD (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMEKfs (COPfflNUED) Accoundng Policies (conthiued) 1.6 A¢cumulated fuDds Restricted futtds are subjeci io specific conditions by donols as to how they may be used. 1.7 ISIng All lease5 are 0tIng leases and the annual rentals are charged to ibe profit and loss account over the lease tern). Total resource8 expended Other Depr¢¢fiadon costs Total 2021 Total 2020 Direct Chitable exExnditure 33.508 33.508 40.247 Other expendituff: Management 8J)d administrauon Summer theatre proje¢i costs New developmenc 8,109 1.907 19,369 13.978 22,087 1,907 19,369 14,179 1.609 19,124 29.385 47.486 76,871 75,159 Trustees None of the trustees (or any persons connected with tkAn) received any remunernion during the period. Net ineomlng r£wurces 2021 2020 Nel Ancomillg resources is staled ofter eh8rging: Depreciation of t2ngible owned assets 29.385 22,352
WEST ACRE ARTS FOUNDATION LTD (LIMtrED BY GUARANTEE) NOTES TO THE FtNANCJAL sfATEMENTS (CONfiNUED) Tgngible red assets Short Leasehold Land 2nd Buildings Suttuner Th¢atr¢ Equipmelll Riverside new Developmeni Open Air Fixtures Theatre Fittings & Equipment uIpMent Toial Cost At 6 Apiil 2020 Additions Disposals 36,825 14,311 164.723 574,579 7.550 31273 16.493 808.41)0 77,934 39.580 At 5 April 2021 5l.l36 164.723 582,129 39.580 48,766 886,334 Depreclallon Ar O April 2020 Charge for the period Disposals 34.215 75,905 3,294 114,880 16,074 18.821 4.152 243.821 29.385 3,958 A¢ 5 ApTiI 2021 36.122 79.199 130,954 3.958 22,973 273,206 Net book Yalue At S Aprll 2021 15,014 85.524 451,175 35,622 25.793 613,128 At 5 Apr1] 2020 2.610 88.818 459.699 13.452 564,579 Net book value al 5 April 2021 Presents fixed &K%ets used for. River Studio Developmeni Summer Theatre Other putposes Open Air Theatre New Development 85,524 85,524 15,014 1,741 35,622 475,227 15.014 1,741 35.622 451.175 24,052 15.014 85.524 451.175 35,622 25,793 613,128 Capltsl Commltments 2021 2020 Capital expenditure which bas been contrdcted for but not provided for in the financial statements io
WEST ACRE ARTS FOUNDATION LTD (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENfs (colNuED) Debto 2019 2020 Trade Debtois VAT Repayable 635 635 Credltors: amounts rlIng due wTrthin one year 2021 2020 Trade creditors VAT payable Accruals and deferred ittcome 6,764 921 050 82 9,584 2,971 Reconeili*tion of movemeuts in funds 2021 2020 Opening funds Ne( movement in funds for the peri 566,954 606,338 Closing fun(L% 736,602 566.954 Closing funds shown above are held on Charitable trust and in accordance with the restri¢tions contained in the ¢ompany'5 Memorandum of Association
WEST ACRE ARTS FOUNDATION LTD {LItrfrrED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMEwrs {corfflNUED) io. UDrestricted funds Unrestrlcted Ineome and Expendlture Account At 6 ApTiI 2020 Profit for the year 8,048 41,709 At 5 April 2021 49,757 10. b. Rutricted fwi¢b Speeific Bullding & Swific Projects Fund Ai 6 April 2020 558.906 190,832 Income Expenditure Ai 5 April 2021 686.845 ii. Conunitments under opergting Ae&ses At 5 April 2021 the company had annual commitments under Thon•canc¢llable operaiing leases as set out below: 2021 IAnd and buildings 2020 IAnd and bufildSngs Operating leases which expire: after more than fAV¢ years 3.365 3,365 The rent is subJt to review at 2 yearly intrryals based on the increase in the Retail Price Index. 12. Tr#nsxetlons wlth dlrectors and Conne pers0% None of the direciors (all of whom also act as ttiis*es for the ch8TÉtable activities of the company) entered into any ma¢Tial transactions. contrnct or (rther3Thangement with ihe company. 12
West Acre Arts Foundation Limited Delalled trading profit and loss account and expenses schedule for the year ended 5 Aprll 2021 2021 2020 Income Income- Riversiders (Unrestricted) BUrSleS (Restsi¢ted) Riversiders & bursarles relief (Unrestrict¢d) Borough Council of King's Lynn & West Norfolk (Restricted) Norfo]k County Council (Unrestricted) Donations received (Unrestricted) Cadbury Donation received (Unrestric*d) Rent received (Unrestricted) Fundraising (Unrestricted) kns Council (Restricted) Norfolk Community Fund (Restii¢led) Geoffrey Wailing Fund {Restricted) Shears Foundation rev¢nue funding (Restri¢ted) Development donations (R¢stri¢ted) Covid Rates Grant (Unrestticted) 2,566 870 2,2 3.638 5.900 870 2.980 3,562 175 175 5,750 5,0(Kl 4,223 20,OLK) 5.750 5.888 178,962 10,0 I,O(M) 12.51X) 400 I0.x) 246.519 35,775 Admlnlstrative exp¢e8 76.871 75.159 (76.871) (75,159) Operating Burpluslldeficit) 169.648 (39.384) Other income and expen Interest reeeivthblt BatLk dep)sit interest Ne¢ sUrplu(de1l¢It) for the year 169,648 (39,384)
West Atre Arts Foundation Lkntsd Admlnlstrative ex& for the yeaT ended S Apri] 2021 2020 Admlntsirative expeDses Renr- Studiolchapel Rent- Additiollal land Insurance Accountancy Swidry ¢xp¢ns¢s Outsourced adminisrrntion r¥i¢¢$ (AULCO) Legal & professional fees Donations to AULCO revenue costs Bank charges Depreciation Lossl(Profit) 00 disposal Cleaning Repairs a2Ld renewals 713 1138 820 1,835 1,415 1.608 1.770 79 2.400 33,508 15 29,385 40,247 22.352 3.727 1.160 6.233 217 76,871 75,159
REGISTERED IN ENGLAND COMPANY NO 3I4I293 WEST ACRE ARTS FOUNDATION LIMITED (LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 REGISTERED CHARITY NO 1057258
WEST ACRE ARTS FOUNDATION LTD (LtMrrED BY GUARANTEE) INFORMATtON Ttee4 D A Connor M G Hickey A Birkbeck H C Birkbeck WGSSmith IAFDUlll E C Forbes M E Folks L Morfaas R W Perington S F H Ritnmer C A Romney APSmith Chair Resigned 4 January 2021 Resigned 4 January 202[ Cbarlty number 1057258 Company number 03141293 Prlnclpa] address River Studios River Road West PE32 IUA Regts¢ered oftlee 24 Market Place SwAftTham PE37 7QH Accountants aenshaw Minns Chartered Accountants 24 Market Place Swaffham PE37 7QH Bankers Barclays Bank plc East Dereham Business Centre 34 Market Place East Dereham NR19 2AS LeEal Advi8or5 Ward Gethin Archer I l London Street PE37 7BW
WEST ACRE ARTS FOUNDATION LTD (LIMrrED BY GUARANfEE) CONfETrrrs TSlee$, reiNxt Statement of Trustees. r¢sp)nsibiiities Indepetthnt Examinerfs reiN)rt Statement of fu]aDcial activities Balance sheet No1¢5 to the financial statements 8-13
WEST ACRE ARTS FOUNDATION LTD (LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021 The tNsiees, who are also dire¢tors of the charity for the pU0seS of the Companias Act 2(I)6, present their annual reEK)rt and accounis for the Ye a)d¢d 5 April 2(Y21. The financial statements compty with the Charities Aa 2011. the Companies Act 2006. the Memorandwn & Articles of Association. and the Snent of R¢¢ommended Practice- Accountitig and Rewrting by Charities (SORP FRsiin). Registered Company number 03141293 (EnEland and Wale5) Registered Charity number 1057258 Prlndpal place of bushwss River Studios River Road Wesi Acre PE32 IUD Registered office 24 Market Place Swaffham PE37 7QH Trustees The directors of the charitable company (the clwity) ar¢ its trustees for the purpose of clwiry law and throughout the reikn are collectively referred io as tbe tru5tee5. The trustees who seryed during the year axe as follows: D A Connor A Birkb¢ck H C Birkbeck WGSSmith J A F Dupont E C Forbes M E Fortts M G Hickey L Morlaas R W Pennington S F H Rimmer C A RomThey A P Smith Resigned 4 January 2021 Resigned 4 January 2021 None of the trustres any beneficial interest in the company. All of the trustees are rnembers of the con)pany and guarantee to conttibule £1 in the event of a Trinding up. Independent Examiner Gavin Minns
WEST ACRE ARTS FOUNDATION LTD (LDArrED B Y GUARANfEE) REPORT OF THE TRUSIEES FOR THE YEAR ENDED 5 APRIL 2020 Governing doeunt The thlty is Controlled by its govemÉng docUnt. a deed of trust and constitutes a limited cornpany, limited by guarantee. a5 defined by the Companies Act 2(M)6. Organisational structure West Acre Arts Foundation Limited is a company limit¢d by guarantre governed by its Article5 of Association. It is regtsthd with the Chlty Commissioners (no. 03141293). The trustees have a duty to identify a1 review the ii5k5 10 whi¢h the charity is exposed and io ensure appropriate Controls An place to provide reasonable assurance against fraud and error. Objects of the clwity The company is a registered charity and its objects are to hold the lease on the12nd and property known as We5taere River Studios and Westhcre Sunlmer Theatre. and to supervi8e and control the operation of the studio and summer theatre in furtherance of objects set out in the founding deed. for the education of the public in perforn]ing arts. Revlew of gctivities The company's prin¢ipal activity Is to mainiain the property known as Westacre River Studios and Westacre Summer Theatre and granirighis to carry oui creative alld dromalic aciivities on a self-funding basis at these IationS. Publlc Benefit Statemenl In planning our activities for tbe year we kept in mind the Charity Conmnission's guidance on public bellefit our trwtee meetings. ACHIEVEMELYT AND PERFORMANCE The Tnjstees re1 detsiling the work done in the pa3t year is produced in the apndix. FINANCIAL IIEVIEW Taxatlon staths The comparty is a charity and qualified for relief from cottK)ration under Te5 Act 1988. section 505. Consequently, no tax liability •ises. Revlew of Ilnanclal position The company's fmancial a]vitieS 8Ie set out on pa 4 to 13. The directors hav¢ decided that the expenditure on conversion and extension of the Wesia¢re River Siudios should be treatrd as Leasehold Building exFnditure and amortised over the life of its lease (50 yes) and ihai of the Westacre Summer Theatre be capitalised and amortised over the life of its lease (15 years).
WEST ACRE ARTS FOUNDATION LTD (LICTED B Y GuARAlTEE) REPORT OF TIIE TRUSTEFS FOR THE YEAR ENDED 5 APRIL 2020 Reserve Fwid Strategy The Trjstw have teviewed the KseNes of the Clty. Thi5 review ellrompassed the of tbe illcom¢ and expenditsjre stretms, the need to match variable income with fixed cou]mitrAents 8md the nature of the erY¢s. The TTVste concluded that the clwity has sufficient resources d future iacome sitrams to coverits Ongoing comtTritsnentfor the fores¢eable fvbjre. The Trustees have also reewed the reserves in line WAth the Company's cotDJrritments in tb¢ event of the Company having to cea%e trading and aim to tiiaintsill InImuM ¢ash reserves of £5,000. The cbatity has UllT¢5tticted foods of £49.757 to carry fomrd for gener81 us¢ at the year end. Oll be]w]f of the Board M G Hickey. Company Secretary Date
WEST ACRE ARTS FOUNDATION LTD ILIMTIED BY GUARANfEE) TRUSTEES. RESPONSIBILtTIFS FOR THE YEAR ENDED 5 APRIL 2021 Law applicable to charitable compani¢s requi5 the tsustees to prepare finan¢iai stat¢m¢nls for each financial year which give a trne and fair vtew of the chariiy's financial activities during the year and of its fuLancial position at th¢ eod of the year. In prepaTing fin4n¢ial statements giving a true and fair view. the trustees strLould follow besi prnctice 8nd.. select guit&ble accounting policies and then apply them $1$1t[y. make judgments and estimates IF are reasonable and prndent. prepare the financial statements on th¢ going concern basis unless it is inappropriaie to presume that the chatity will continue in operation. The trustees are resEKTrnsible for keeping accouniing records wbich disclose WAth reasonable accuracy the financial position of the charity and whi¢h enable them to &scetsin th¢ financial position of the charity and which enable them to ensure that the finan¢iaJ srarements comply with Companies Act 2006. They are also reswnsible for safeguarding the assets of the charity and hell¢e for tsking reasonable steps for the prevention and detectioll of fraud and other Irregulariti.
WEST ACRE ARTS FOUhDATION LTD (LIMrrED BY GUARANTEE) INDEPENDENT EXAMINERS REPORT FOR THE YEAR ENDED 5 APRIL 2021 I report on the accounts of the ¢h*iiable wmpany for the yearended 5 April 2021. which are set out on pages 6 to 13. RespeciEVt responsibilities of trustees 4Tndexaminer The chariiy's ttustees aft responsible for the preparation of the accounts. The (h1¢y,$ ttustees consider that an audit is oot required for thi5 year under section 144(2) of the Chariti¢S Act 2011 (the 2011 Act) and that an indcpendent examination is needed. Having sallsfi¢d myself thai the ehariry is llot subject to audit wthr cojnpany law and is eligible for independent examination, it is my r¢sponsibi]iiy to: exarDine the accounts under section 145 of the 2011 Aci" to follow the procedures laid down in the General Directions given by the Charity Conuni5sion under section l45(5)(b) of the 2011 Acl; to state whettser particular mattets have come to my attention. Basis of independent examthers, report My examination w&s c8sried out in accorda1 with the Genernl Directions given by the chilY Commissioners. An examination Ancllldes a review of the a¢¢ounting records kept by the charity and a comparison of the accounts presented with those recoAls. It also includes consideration of any unusual Iren or disclosures in the acwunts, and the seeking of explanations from you as ustees concerning ally sh matters. The pr(eduleS undertaken do not provide all tlLe evidence that would be required in an audit and consequendy Jw opinion is given as to the accounts present a 'trne and f8ir Yiew, and the repxt is limited to those matteTS sel out in the nexi siuement. Independenl examiner, stdttmenl In connection with my examinatio no matter has con ¢0 my aitentioll: (l) which giv&s me rea50nable ¢aux to believe tha( ill any material respect, the requireujents: lo keep accountin8 records in accordance with s386 of the Companies Act 2006. ¥Ad to prepore counts which accord with the accounling re¢ords and to comply with the accoununs requirements of Section 396 of the Companies Act 26 8Jid with the methods and prin¢ipl¢s of the slatement of Recon]mended Pta¢ii¢e: A¢¢ounting and ReEIng by Ch&riii¢s have not been md. or (2) to which. in my Opinio attention should te drawn in order io enable a proper undersianding of the accounts to be reached. Clen5haw Minn8 Chartered Accountants 24 Market Place Swaf(iwn Norfo]k PE37 7QH Gavin Minns FCA
WEST ACRE ARTS FOUNDATION LTD (LIMrrEDBY GUARANTEE) STATEMENT OF FINANCIAL ACTIvIEs FOR THE YEAR ENDED 5 APRIL 2021 Total Unr&strided Restrlrted fund runds 2021 Totsl lunds 2020 Not tnconth)g resource8 BurSleS Donatxons and gifts Cadbury donation Riversiders Gifi aid tsx Telief Grants receivable Investment income Arts Council Norfolk Community Fund G¢¢)ffrey Watling Fund Fundraising received 870 870 4.223 20,orx) 2.566 2.260 15.(XJ) 5.750 178.962 iO,¢)(K) 1.0 5.888 5.9(X) 15.843 15.843 1.740 1.740 6,542 5.750 4.223 20.(KK) 2566 12(A) Is.) 5,750 178,962 10.000 5.888 Total incoming resourees 55.687 Ig).832 24fi519 35,775 Charitable expenditure Management admiIllstration Donations 13.978 29,385 33.508 43.363 33,508 34.912 40.247 Total resources used 13,978 62,893 76,871 75,159 Nel incomlng (outgolng) resour 41,709 IYF,939 169,648 (39.384) Net movement in funds 41,709 127.939 169.648 (39.384) Fund balallces ai 6 April 2020 558.906 566.954 606.338 Fund baiallces at 5 A11 2(r21 49.757 686,845 736.602 566,954
IE'S'I. A,L'KL ylk'l's FULINLJ..I'I'IUN L'IV (Llh.Il'lTrJ) Bl. i]UAIiAN"I'LL BALANLL SEI1-ll. A% A'I. 5 AgSRIL 2U21 2(b21 211211 .-$jI) L,rtri,l DrbiiTrrffi Iii hjjkk ift h.ijxl l Jj.Ii.fi¥ ').5S4 2.971 rt ciirroJyl.aSsel1JOI1N(l0$b 123.474 Tul&il dts5els It irrellI Ivdlx'lilies Sli(i.y.LL It¢blii£1¢45 UTrr$l17(11I iiiTJd4-. k&J' LIL11dlL. IiiJbJ> 4Y.7.47 $58.IXXt Ib¥fj.Pai ¥.4Ji¥ 5116 1)_Tr4 Tliia Ihg >ILr %t+llLII alm11 ÉixiipJii)" coiiiikd til tht LIMIlI11111n L75111"i'.ILiJ liy socii(sn 47103 I Aci ZIMXJ, DI
WEST ACRE ARTS FOUNDATION LTD (LIMrrED BY GUARANTEE) NOTES TO THE FINANCIAL sTATEME[s Accountlng tK•licles The SignifinI ac¢ouniing poli¢ies used in the prep¥r8tion of these financial statements 1.1 Basi8 of preparation The financial st*ements have been prepared utmler the historic c05t convention, a8 modified by the revaluation of investments at mrtei value. The financial statements have ken prepared in a¢cordan¢e wrtb th¢ Siat¢m¢nt of Recornmended Ptactiee- Accounting and Rep)rting by CharAties- Swemeni of Recommended Practice (FRS 102) applicable UK Accounting standds and the Companies Act 21X)6. The principgj accouniing policies adopted in the preParlon of the financial statements are Set out below. 1.2 Grants Grants and any asswiated repaeThts of income are nonnally only accounkd for when received, no account being iaken of promised or covellanted donations not yet received. IJ Incomlng resourees Donations, lega¢i¢$ gnd other fornis of volunt8ry income are re£ognised as incoming resources when receivable. except insofar as they are incapable of finan¢ial mea5ur¢m¢nl. 1.4 Resources expended Management and administration eKpen5e5 refleci central establishment costs and do Thot include the ¢osts of managing charitable projects. 1.5 Tanglble Ilxed assets and depreciation Tangible fixed I5ts other than freehold lattd are sthtrd at o)si less depreciation. Deplation is provided at rates calculated to write off the cosi or valuation less estImad rcsidu81 value of each &8S¢t over its expected use1 lrfe, with the exception of improvements to leasehold properties which are being Ivritten off over a period equal to the remaiDiDg lern] of the lease. The prin¢ipai annugl rates llsed are: Short leasehold buildings Office equipment Fixtures, fiuings & ¢quipment Summer theatre equipment New development 2% straighi line (50 year lease from 21)00) 25% slraighi line 10% 5tr&ight line 10% straigbt line Styaigm line for period of lease
WEST ACRE ARTS FOUNDATION LTD (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMEKfs (COPfflNUED) Accoundng Policies (conthiued) 1.6 A¢cumulated fuDds Restricted futtds are subjeci io specific conditions by donols as to how they may be used. 1.7 ISIng All lease5 are 0tIng leases and the annual rentals are charged to ibe profit and loss account over the lease tern). Total resource8 expended Other Depr¢¢fiadon costs Total 2021 Total 2020 Direct Chitable exExnditure 33.508 33.508 40.247 Other expendituff: Management 8J)d administrauon Summer theatre proje¢i costs New developmenc 8,109 1.907 19,369 13.978 22,087 1,907 19,369 14,179 1.609 19,124 29.385 47.486 76,871 75,159 Trustees None of the trustees (or any persons connected with tkAn) received any remunernion during the period. Net ineomlng r£wurces 2021 2020 Nel Ancomillg resources is staled ofter eh8rging: Depreciation of t2ngible owned assets 29.385 22,352
WEST ACRE ARTS FOUNDATION LTD (LIMtrED BY GUARANTEE) NOTES TO THE FtNANCJAL sfATEMENTS (CONfiNUED) Tgngible red assets Short Leasehold Land 2nd Buildings Suttuner Th¢atr¢ Equipmelll Riverside new Developmeni Open Air Fixtures Theatre Fittings & Equipment uIpMent Toial Cost At 6 Apiil 2020 Additions Disposals 36,825 14,311 164.723 574,579 7.550 31273 16.493 808.41)0 77,934 39.580 At 5 April 2021 5l.l36 164.723 582,129 39.580 48,766 886,334 Depreclallon Ar O April 2020 Charge for the period Disposals 34.215 75,905 3,294 114,880 16,074 18.821 4.152 243.821 29.385 3,958 A¢ 5 ApTiI 2021 36.122 79.199 130,954 3.958 22,973 273,206 Net book Yalue At S Aprll 2021 15,014 85.524 451,175 35,622 25.793 613,128 At 5 Apr1] 2020 2.610 88.818 459.699 13.452 564,579 Net book value al 5 April 2021 Presents fixed &K%ets used for. River Studio Developmeni Summer Theatre Other putposes Open Air Theatre New Development 85,524 85,524 15,014 1,741 35,622 475,227 15.014 1,741 35.622 451.175 24,052 15.014 85.524 451.175 35,622 25,793 613,128 Capltsl Commltments 2021 2020 Capital expenditure which bas been contrdcted for but not provided for in the financial statements io
WEST ACRE ARTS FOUNDATION LTD (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENfs (colNuED) Debto 2019 2020 Trade Debtois VAT Repayable 635 635 Credltors: amounts rlIng due wTrthin one year 2021 2020 Trade creditors VAT payable Accruals and deferred ittcome 6,764 921 050 82 9,584 2,971 Reconeili*tion of movemeuts in funds 2021 2020 Opening funds Ne( movement in funds for the peri 566,954 606,338 Closing fun(L% 736,602 566.954 Closing funds shown above are held on Charitable trust and in accordance with the restri¢tions contained in the ¢ompany'5 Memorandum of Association
WEST ACRE ARTS FOUNDATION LTD {LItrfrrED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMEwrs {corfflNUED) io. UDrestricted funds Unrestrlcted Ineome and Expendlture Account At 6 ApTiI 2020 Profit for the year 8,048 41,709 At 5 April 2021 49,757 10. b. Rutricted fwi¢b Speeific Bullding & Swific Projects Fund Ai 6 April 2020 558.906 190,832 Income Expenditure Ai 5 April 2021 686.845 ii. Conunitments under opergting Ae&ses At 5 April 2021 the company had annual commitments under Thon•canc¢llable operaiing leases as set out below: 2021 IAnd and buildings 2020 IAnd and bufildSngs Operating leases which expire: after more than fAV¢ years 3.365 3,365 The rent is subJt to review at 2 yearly intrryals based on the increase in the Retail Price Index. 12. Tr#nsxetlons wlth dlrectors and Conne pers0% None of the direciors (all of whom also act as ttiis*es for the ch8TÉtable activities of the company) entered into any ma¢Tial transactions. contrnct or (rther3Thangement with ihe company. 12
West Acre Arts Foundation Limited Delalled trading profit and loss account and expenses schedule for the year ended 5 Aprll 2021 2021 2020 Income Income- Riversiders (Unrestricted) BUrSleS (Restsi¢ted) Riversiders & bursarles relief (Unrestrict¢d) Borough Council of King's Lynn & West Norfolk (Restricted) Norfo]k County Council (Unrestricted) Donations received (Unrestricted) Cadbury Donation received (Unrestric*d) Rent received (Unrestricted) Fundraising (Unrestricted) kns Council (Restricted) Norfolk Community Fund (Restii¢led) Geoffrey Wailing Fund {Restricted) Shears Foundation rev¢nue funding (Restri¢ted) Development donations (R¢stri¢ted) Covid Rates Grant (Unrestticted) 2,566 870 2,2 3.638 5.900 870 2.980 3,562 175 175 5,750 5,0(Kl 4,223 20,OLK) 5.750 5.888 178,962 10,0 I,O(M) 12.51X) 400 I0.x) 246.519 35,775 Admlnlstrative exp¢e8 76.871 75.159 (76.871) (75,159) Operating Burpluslldeficit) 169.648 (39.384) Other income and expen Interest reeeivthblt BatLk dep)sit interest Ne¢ sUrplu(de1l¢It) for the year 169,648 (39,384)
West Atre Arts Foundation Lkntsd Admlnlstrative ex& for the yeaT ended S Apri] 2021 2020 Admlntsirative expeDses Renr- Studiolchapel Rent- Additiollal land Insurance Accountancy Swidry ¢xp¢ns¢s Outsourced adminisrrntion r¥i¢¢$ (AULCO) Legal & professional fees Donations to AULCO revenue costs Bank charges Depreciation Lossl(Profit) 00 disposal Cleaning Repairs a2Ld renewals 713 1138 820 1,835 1,415 1.608 1.770 79 2.400 33,508 15 29,385 40,247 22.352 3.727 1.160 6.233 217 76,871 75,159